HISCOX PEGS UKRAINE WAR LOSSES AT $40M

Hiscoxhas reserved around $40m for losses arising from the conflict in Ukraine, writes Michael Faulkner. The London market giant said the loss reserve, which is net of reinsurance, relates mainly to IBNR (incurred but not reported) claims. Incurred losses in the first quarter of the year are “minimal”, it added. Analysts called the Ukraine war loss reserves “prudent and manageable” but said the figure was larger than the $20m to $30m range set by Lancashire. Hiscox said the bulk of the reserved losses are in its London market division, with a smaller net claims exposure in the reinsurance and insurance-linked securities segment.